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Author Question: Refer to the above table. Suppose there are technological advances in the production of smartphones. ... (Read 260 times)

Engineer

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on: Jun 29, 2018
Refer to the above table. Suppose there are technological advances in the production of smartphones. The new equilibrium price will be
 
  A) 275.
  B) 375.
  C) less than 275.
  D) between 275 and 375.

Question 2

Suppose that one firm produces a product that results in negative external costs to society. This information suggests that
 
  A) resources are under-allocated to the firm.
  B) the equilibrium market price of the product includes the external costs borne by society.
  C) resources are over-allocated to the firm.
  D) at the market price, quantity demanded is less than quantity supplied.


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sierrahalpin

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

C


Engineer

  • Member
  • Posts: 527
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

kthug

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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